Indian rupee weakens to 64.73 on fresh US dollar demand

5:37 pm April 12, 2017| Last Modified: 5:37 pm April 12, 2017

Hindu Business Line file photo

Mumbai, India (BBN) – The Indian rupee weakened to 64.73 due to fresh demand for the American currency from banks and importers.
Moreover, a weak domestic equity market put the rupee on backfoot, forex dealers said, reports The Hindu Business Line.
The domestic unit opened weak by 10 paisa at 64.60 at the Interbank Foreign Exchange market today.
It hovered in a range of 64.73 and 64.53 before quoting at 64.69, down 19 paisa at 4.10 pm local time.
Yesterday, the rupee had recovered some of the lost ground and ended higher 6 paisa at 64.50 against the US dollar amid mild selling of the American currency by exporters.
Meanwhile, the 30-share BSE index Sensex ended lower by 144.87 points or 0.49 per cent at 29,643.48
The yen hit five-month highs against the dollar, euro and sterling on Wednesday, as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favour.
Investors’ flight-to-safety underpinned traditional safe-havens like the yen, US Treasuries and gold, amid fresh worries over France’s presidential election, and possible US military action against Syria and North Korea.
The dollar fell on Tuesday and added to those losses on Wednesday, edging down 0.1 per cent against a basket of major currencies to 100.62.BBN/SK/AD

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